8 QUICK REMINDERS BEFORE SETTING YOUR TRADING GOALS
Are you ready for another 6 months of making pips? Then let’s keep reading to learn this priceless lesson of today’s article.
It is important that every year you consider some basic disciplines for trading the ForexMarket.For both Forex newbies and those traders with more experience out there, here are a few things you should remember before you set new trading goals for any cycle period.
FOR THE NEWBIES:
1 . FOREX TRADING IS NOT A GET RICH QUICKLY SCHEME
The dream idea that you will start trading in 6 months you will have financial freedom is total propaganda!! Don’t buy into this.
The real truth is that Forex trading is a business!A long and grinding business of highs and lows.It needs to be treated as such just like any other venture in your life.
But how can you avoid falling into that kind of trap?
Do your homework properly. Look for a place for you to learn to trade where you have the support from real professional traders. Platinum Trading Academy members strive for consistency. Platinum Traders will always wait for the market to come to them. That’s because they learn to trade exactly like the institutions do.
2. NEVER TRADE MONEY YOU CAN’T AFFORD TO LOSE.
In order to become a trader, you need to take out the fear of losing money so you can focus on your trading skills. Mindset is everything in trading. The job of a trader is to make the best trades. Money is secondary.
You don’t have to start with live capital. In fact, here at Platinum Trading Academy, we teach our members to start always with a demo account. When you learn to treat trading as a business, you will start seeing a demo account as part of your research period.
3. HAVING A TRADING JOURNAL IS THE RECIPE FOR SUCCESS
Talking from own experience, my life as a trader changed the day I started to keep records of my trades. It is hard to explain why such a simple thing makes so much difference. I used to think that a Trading Journal was not necessary, but how wrong I was.
Because you are new, you will likely make a lot of trading mistakes which naturally takes experience to overcome. A very simple and well-kept trading journal could speed up the improvement process by showing you what is working and what is not and if you are making the correct and necessary changes.
Just have an excel spreadsheet and record all of your trades with the following:
Date, Direction (buy/sell), Market (eur/usd, oil), Position Size, Stop, Target, Reward/Risk, Reason for the trade and the outcome. Always take a picture of the actual setup as well.
You have no idea how this will improve your trading and how it will accelerate your learning curve. A good exercise is to refer back to your journal and look at your trades of 2-3 months ago. Study them and ask yourself if you would have taken those trades again. Also be open to ideas which could improve the way you record your trades and refine your journal.
What is not measured cannot be managed.
4. ASKING FOR HELP WILL NOT HURT YOU.
The fastest way to climb to the top and be successful is to reach out to other traders and learn from their experiences.
All professional traders were once newbies. Here at Platinum Trading Academy, we offer a lot of support to our members. Services like Platinum Trading Television (PTV) and the Platinum Trading Floor offer second to none daily analysis to Platinum Traders running every day all year round.
Another advantage is the opportunity to be mentored by a professional trader who trades the market full time using the Platinum Methodology.
FOR THE MORE EXPERIENCED TRADERS:
1. NEW IS NOT ALWAYS BETTER.
Before you explore new strategies this year, take a second look at your old ones and check if a simple adjustment in stop losses, position sizing or indicator settings would have changed the outcome of your trades.
There is a belief that “new is better,” particularly I don’t agree with that as the truth. Just check your journal to see if you consistently executed your strategy and if not, make the necessary amendments to perfect your edge.
Even the best strategies can’t be made profitable with poor execution. Platinum Traders will have no problem to approach new strategies, but core idea of the Platinum Methodology using intuitional thinking cannot be violated.
2. SET REALISTIC EXPECTATIONS.
Just because you caught a 200:1 reward-to-risk trade last year, that does not mean that you should aim for a 1,000% gain in your account this year.
Set your goals and expectations based on your average performance, available time for trading and capital limitations.
According to the Platinum Methodology, we only take a trade if we have Perfect Fundamentals + Perfect Technical Analysis + Perfect Logic + Perfect Risk Management = Perfect Trade
That’s why we can keep calm in any market condition and do fall into this kind of trap. You must have a set of rules to follow on your trading plan. You should plan your trades and trade your plan. No matter the outcome, the next trade will just be another trade managed in the same manner as the previous ones.
3. WINNING CAN BE AS DANGEROUS TO YOUR ACCOUNT AS LOSING.
No matter how big your wins are, remember to be consistent with the final point.
4. FOCUS ON THE PROCESS, NOT THE PROFITS.
Keep your eyes on the prize and stay focused on doing the right things in the right way at the right time. Do that and you cannot fail!
Hopefully, you have enjoyed today’s article as much as I have enjoyed writing it for you to read. See you in the next one.
THE PLATINUM WAY
At Platinum, we teach all individuals from different walks of life to become a full-time trader or create a secondary revenue stream by trading part-time. We trade in an Institutional Way by letting the market come to us and being patient. Using Platinums Trading system you can take many Pips out of the market. We can ensure using this style of trading your trading will make a turnaround as you will become much more consistent.
If you want to trade like the professionals do, making consistently profitable returns from your trading, get in touch with us and we will demonstrate live exactly how we approach the markets.
Hopefully, you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Live from the Platinum Trading Floor.
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The information you’ll find in this article is for educational purpose only. We make no promise or guarantee of income or earnings. You have to do some work, use your best judgement and perform due diligence before using the information in this article. Your success is still up to you. Nothing in this article is intended to be professional, legal, financial and/or accounting advice. Always seek competent advice from professionals in these matters. If you break the city or other local laws, we will not be held liable for any damages you incur.